Pinterest pins $225 million and $3.8 billion valuation

Oct. 23, 2013
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The Lowe's Pinterest page. / Lowe's

by Scott Martin, USA TODAY

by Scott Martin, USA TODAY

SAN FRANCISCO -- Pinterest just pinned down a whopping $225 million round of funding from investors, boosting its valuation to $3.8 billion.

Pinterest's pinboards have emerged a popular destination for socializing specifically around products. Pinterest has also become a prime spot for brands to harness it as a merchandising vehicle to drive people to online stores. Pinterest last month unveiled plans for promoted pins, its first attempt to make money.

"We hope to be a service that everyone uses to inspire their future, whether that's dinner tomorrow night, a vacation next summer, or a dream house someday. This new investment enables us to pursue that goal even more aggressively," CEO Ben Silbermann said in a statement.

The online scrapbook startup took funding from new investor Fidelity, which led the round, and got participation from existing investors Andreessen Horowitz, Bessemer Venture Partners, FirstMark Capital and Valiant Capital Partners.

Pinterest plans to use the funding round to keep building the service, with a focus on mobile. About 75% of Pinterest users visit from mobile devices, the company said.

Pinterest also plans to use the capital for international expansion. The company recently launched in the UK, France and Italy. It plans to be in 10 more countries by year's end. Along those lines, the startup plans to keep pushing its development of revenue worldwide.